mostly found after a kilometer or less from the coast. Plains are found at the coast, the
slope of which ranges from 0-5.
Tayasan, in the resent classification of LGU’s, now a second -class municipality,
however, it has its own Sanitary Landfill located at Barangay Numnum, Tayasan,
Negros Oriental. The LGU has existing approved 10-year solid waste management plan.
The new Tayasan Public Market is now fully operational. Revenue generated includes
revenue from the other two (2) auction public market located at Barangay Bago and
Nabilog, Tambulan, Tayasan, Negros Oriental.
Note 2. Basis of Financial Statement Preparation
The financial statements were prepared in accordance with and in compliance with the
International Public Sector Accounting Standards (IPSAS) per COA Circular No. 2015-
002 dated March 9, 2015. The financial statements are presented in pesos, which is the
functional and reporting currency of the Municipalities. The accounting policies have been
applied starting the year 2015.
Note 3. Summary of Significant Accounting Policies
3.1 Basis of accounting
The financial statements are prepared on an accrual basis in accordance with the
International Public Sector Accounting Standards (IPSAS).
3.2 Consolidation
The LGU maintain special accounts under the General Fund for the following economic
enterprises it operates:
• Market Operations
• Tayasan Waterworks
• Cemetery Operation
3.3 Revenue recognition
Revenue from non-exchange transactions
Taxes, fees, and fines
The LGU recognize revenues from taxes and fines when the event occurs and the asset
recognition criteria are met. To the extent that there is a related condition attached that
would give rise to a liability to repay the amount, liability is recognized instead of revenue.
Other non-exchange revenues are recognized when it is improbable that the future
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